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An undated photo of a worker working on a utility pole in Hanoi. Photo: Ngoc Thang

State-owned Electricity of Vietnam, which currently accounts for 64 percent of the country's power output, said it will need VND600 trillion (US$26.35 billion) for new projects over the next five years, news website VnExpress reported on Friday.

EVN plans to take out loans, from both local and foreign creditors, for the investment, which is 25 percent higher than the funding for the 2011-15 period, a representative of the company was quoted as saying.

This year alone EVN, which is now the sole supplier of electricity in Vietnam, plans to spend $6 billion on its power projects and has so far paid 65 percent of the projected cost, according to the representative.

Vietnam plans to build 54 power plants, including those which are operated on gas, water and nuclear, between 2011-20, the website reported.